When making purchases online, a large form of payment is accepted through intermediary platforms such as PayPal or Bizum, companies that are dedicated solely to working as a ‘bridge’ between the buyer and the seller, but many other online stores and e-commerce platforms -commerce only accept payment by card or it is the customer who decides by credit or debit card.
At this point, it is convenient to ask ourselves if it is better to use the credit card or the debit card for those online purchases . Both from the point of view of ease of use and security issues, one can be placed above the other, but finance experts have a clear choice.
Advantages and disadvantages of the debit card
The debit card is probably the one that everyone has used for the first time in life. Its characteristics are simple, it is simply a means of payment that is limited to the amount of cash available in the account .
In this way, it does not generate indebtedness and in most financial entities its use does not entail any type of commission, since the bank or box is not providing us with said money, but rather it was ours by right before making the payment of the purchase. and we are only disposing of it in the transaction.
Debit
On the issue of security against possible fraud or theft of data when paying, there is a widespread belief that they are better for paying via the Internet since, if used without consent, the amount of money invested will be finite. There will be a limit that will be our own current account balance .
However, for this very reason, experts like Matt Schulz , a bank card expert who works for the American loan company LendingTree, consider it the worst option , since, in effect, they will be stealing real money:
“If someone gets your debit card information and uses it fraudulently, they are stealing real money from a real account. You will most likely get that money back, but it can take a little while, and if you have bills that are due before you get that money back, you can be in a really tough spot.”
Advantages and disadvantages of the credit card
In the case of credit cards, we talk about the fact that it is the bank that grants a credit —hence its name— and advances us the money for the purchase we make, with different forms of return: revolving , fixed installment, payment at the end of month etc. Obviously, by providing these services and putting money out of your own pocket in the first instance, the bank will later recover the debt and with interest .
The main inconvenience, both in the health of your finances and in the event of an identity theft for which they buy with your card, is the same: the limit of possible purchases skyrockets, a debt is generated and the amount can be infinite in the rare case of not having a limit, or, more frequently, exhausting the entire credit line agreed with the financial institution, generally between 600 and 3,000 euros per card.
In the first case, we can only recommend you to buy according to your economic possibilities. In the second, however, we would have to worry a little less than if we paid with a debit card. Although the debt acquired at first is going to be assigned to us, once it is shown that certain purchases have turned out to be fraudulent, it will be the bank that has momentarily lost its money.
We should use credit card whenever possible.
It is understood that in this case it will always be easier to finally trace the origin of the purchase and cancel the entire process, even allowing the cybercriminal who committed the crime to be reported.
“When in doubt, it’s definitely safer and less risky to use credit in most cases.”
Another of the great advantages of paying (on time and in the form) with a credit card is that it will increase your credit score with your financial institution, which can be useful in the future if you need to apply for personal loans or mortgages.